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I have a friend whose family owns a business with about fifty employees. A clerk, an office manager, a VP/Owner, and the President/Owner man the main office with regard to that business. On top of that, the President separately owns a chain of mini-warehouses (→ storage units for rent), and in the beginning, he had one more clerk in that office who solely worked on that side business.The bigger business had a great system of controls. Business data was entered into the best version of the premier accounting software; this data was received and analyzed, monthly, by the preeminent accounting firm in our city. For you bookkeeping fans, that means the books were closed and reopened every month, which is a more stringent form of checks and balances than many small businesses would use. For instance, these end-of-period adjustments might happen annually, for income tax purposes; or, quarterly.It’s germane to state that the President was not aloof in this process. He came to work every day and didn’t delegate much decisionmaking to subordinates, despite them having titles like office manager or vice-president.The smaller business — the storage unit business — did not have anything like that level of control built into its administrative and operational structure.The President intervened when new units were constructed and when delinquent renters had the property in their units auctioned off. The clerk or the VP would sign pro forma (template-style) lease agreements, and the clerk received and processed payments. — Here’s the rub.Rather than using QuickBooks, bookkeeping software that makes printing off reports easy based on data that has been entered, and — since it is set up with double-entry bookkeeping in mind — makes fudging transactions more difficult, the President just had the (accounts receivable [A/R]) clerk working in MS Excel.Every month, the spreadsheet would have the name of each tenant and how much each tenant owed. When the tenant came in and paid, the “amount due” cell was zeroed out (→ $0.00), and in printed form, it would serve as a “report” of who had paid and who was delinquent just based on who didn’t have a $0.00 next to his or her unit number.I’m not saying that someone in QuickBooks couldn’t game this system to hide theft of rental income, but it’d be more difficult. Receipt of a payment from a unit tenant should make the bank account, a current asset account, rise in amount and, correspondingly, the amount of rental income, an income account, rise by the same amount.One easily could print out a QuickReport showing how people had paid from month to month, and the likelihood of finding irregularities, in my opinion, would have been very much higher. Why the President didn’t want the clerk to use QuickBooks and instead use a 1990s technology instead, I really don’t know, but it would come back to bite him, big time.The clerk, at some point, began pocketing the cash that renters brought in and depositing only the checks. Probably, this happened over time, lest it be obvious, no matter how you recorded the A/R, that something major had happened.Whether the cash or checks were deposited in the bank, all she had to do to prevent the next month’s statement from showing delinquency (due to her embezzlement) on the renter’s account was to change the number from $X to $0.00 in her Excel spreadsheet. — That kept the renters from knowing what she was doing. Specifically, putting the cash in her purse.This went on for long enough that, by the end, the President and his son did not know exactly how much she’d stolen. They thought, at first, it was around $50,000. But, in the end, it was determined that she’d stolen more than $100,000.A few things were suspicious, maybe, about a change in her lifestyle. She had five children, and pretty soon, most of them had braces. She got a boob job (you can’t make this up). — When suspicions of her theft arose, she quit and falsified a résumé she submitted to a local dentist for employment as his new office manager. Hilariously, she got the job, but the President and his wife found out just in time to give the dentist a call.Her first ten minutes or so were her only ten minutes or so as the office manager of that dental office. The dentist took her aside and fired her upon arriving for her first shift.Due to the shabby way the President had her keeping the books for that business, it was difficult to determine what actually she’d done. As you can imagine, that made it difficult for the local district attorney to charge her with a crime, because it was unclear what crime she’d committed. They couldn’t (like with some forensic accountant’s unqualified opinion) accuse her of stealing $$$,$$$.$$. At least, not at first.Because she had embezzled so much money, she was able to retain a felony criminal attorney, who had, in the past, been the misdemeanor criminal/not-yet-district-court civil/family court judge for the county. — That meant she was able to prolong the presentation to the grand jury and, after that, and after she was formally arraigned, to negotiate a plea while her case was dropped from the docket due to continuous continuance requests.In Texas (and, in business, I know this personally, as I’ve had to file felony charges against people before), you want a plea deal to be struck, because you have, basically, and at least in this county, two options: (1) send the people to prison; you get no restitution; or, (2) the person/people get(s) probation and you get enforceable restitution.If you don’t get the court to order restitution (or the DA to request it per these rules), then your only other remedy is a civil lawsuit; and, in Texas, the law is heavily weighted in favor of debtors. Even criminally liable ones. — If you are single, you’re allowed to have one house, one car, and something akin to enough money to live on and survive on, which is a vague aspect of the statute, and probably is somewhere around $5,000 cash. If the single person has more assets than this, then you may be able to get a court to order the sheriff to seize them for you. Maybe.If the person is married, then it goes to two houses, two cars, and <blah blah blah about money> ~= $10,000+, which I assume is an amount a judge determines. Having five school-age kids with braces makes me think the number would be much higher.Needless to say, you want the person to get on felony probation; comply with that probation for the term set out; and, to pay you restitution until you are made whole again. In this case, that is — if you can determine, or otherwise agree upon an amount with the alleged party and her ex-judge attorney.After three years, she took a plea offer and agreed to reimburse, in the form of restitution, over $100,000 to her ex-employer, representing funds that she embezzled from a side business of the President of a relatively small corporation.Thankfully, she took that course, because — keeping it on the criminal docket — the state’s attorney represented the victim (i.e., there were no costs of prosecution due from the victims).That would have been very different had this gone to court in the local district court. Then, the people already out $100,000 would have had to retain their own attorney, because — since this lady had already retained an attorney, I would not consider this to be something about which you could represent yourself while still running multiple businesses).A wonderful end-of-case scenario: You lose your case. She has countersued and loses. The judge issues a take-nothing judgment and makes both parties responsible for his or her own attorneys’ fees, meaning you’re now out, at least, another $30,000.

Finding the right office space can be both one of the most exciting and disruptive challenges for a business. Over the years we’ve developed a roadmap for our startup and small business clients to help navigate the process of finding office space.How do I start?Be in position to make a quick decision by starting with clearly defined business and real estate objectives. Planned growth, location, transportation requirements, parking requirements, estimated space requirements, optimal space configuration, technology requirements, timing and budget.In order to minimize disruption and increase the effectiveness of the search it is essential to start with a clear understanding of your needs, budget and specifications. Make sure everyone involved buys in up front to avoid bad news late. Understand the process and time commitment required to successfully find and occupy a space. If you need it sooner, it will impact your options.Who should be involved?Internally you’ll want to appoint a project leader as the single point of contact. At a minimum, get your IT, HR and finance involved from the beginning. The leader of the group should be the individual that has the most experience in corporate real estate and facilities.Be sure to gather a team of advisors. A real estate broker who specializes in representing tenants, particularly startups and newer businesses can be especially helpful. Startups have special needs, and the right broker will not only understand them but will be able to sell the company to property owners. Tenant brokers represent tenants (vs. landlord representatives) and have solely your best interest in mind. They are typically paid by landlords so you have the benefit of an expert real estate advisor without being out of pocket. (Full disclosure: The Mehigan Company provides corporate real estate services including tenant representation.)Find an experienced real estate attorney to make sure you have flexibility negotiated into your lease and that the terms and conditions are customary, protective and fair. Most first drafts of a lease are very tenant-unfriendly and can cause unexpected problems for a tenant down the road. A good cost conscious real estate attorney will help you avoid these pitfalls.When should I start the process of finding office space?Most startups and small businesses underestimate the time and effort required to find office space. While it is possible to find an executive suite or co-working space alternative within 30 days, it’s not easily accomplished and is the exception, not the rule.If you are searching for direct lease office space there are many factors that will impact the timeline for your search including but not limited to the size space you need, market conditions and availability, negotiation time, space planning, lease documentation, permits, and build out time. In general, if you are looking for less than 10,000 sf you should work backwards from your desired move-in date and allow at least 4-6 months for your search. If you are looking for more than 10,000 sf you should allow at least 6-12 months.What kind of financial guarantees will be required?Landlords try to mitigate their risk by having the most financially secure tenants possible. This can be a differentiator for a landlord when accepting a tenant’s proposal. So, be in position to present your company in the best possible financial light. You will likely be asked for a security deposit or a personal guaranty from the founder. Be prepared to provide financial references, tax returns, bank statements and upfront rent (or a bank letter of credit). Having a good tenant representative can significantly help you through this process effectively.Be careful about providing a personal guaranty of the lease obligations. You will be putting your personal net worth at stake. If the company fails, the guarantor will be personally liable and that is risky.What are my options for space?Evaluate your options. Shared, co-working, sublease, direct, etc…There is a direct correlation between your lease term and the number and types of options you will have. Landlords typically ask for and may require 5 to 7 year lease terms. Some will accept a three year term on a direct lease but the longer your lease term, the more space choices you will have.Before you go to a direct lease space with a 3/5/7 year lease requirement, exhaust the shared space alternatives including co-working, incubators, sub-lease and executive suites. Each of these options has trade-offs and may not suite your needs but they will all have more flexible (shorter) term lengths than a direct space lease.In an incubator, accelerator or executive suite, they assume the financial and liability risks associated with multiple tenants sharing space. You avoid having to collaborate with other tenants on space requirements, tenant improvements and costs, selection criteria, timing, and legal liability. As a result, these shared spaces tend to be more turnkey than sharing space under a direct lease but you typically will pay a premium when you do the math on rent/square foot.If you plan to share space with another company under a traditional lease space (provided this is allowed by the landlord) either one or both parties will be on the financial hook for the lease. Regardless as to who is on the hook, what happens if one of the parties has financial problems 12 months into a 5-year lease? That’s where the awkwardness arises that often leads to confusion, disagreement, and conflict with your shared space partner.You may want to explore subleases provided they fit your timeline and flexibility. You’ll be able to find sublease space at below market rates but your trade-offs will include limited or no flexibility on tenant improvements, renewal options and financial liability. Even though you are a sublessee, what happens if the lessee has financial problems 12 months into a 5-year lease? You’re options will be to relocate or assume the lease.There are other positives and negatives with sharing space under a direct lease but in our experience, most growing companies pass on this idea and instead direct lease their office space.How do I go about finding a direct lease office space?If you have clearly defined your business and real estate objectives and gathered a team of advisors, you’re ready to find office space.Work in tandem with your tenant representative broker to identify on-market and shadow spaces that are not on the public market. (Full disclosure: The Mehigan Company provides corporate real estate services including tenant representation.) Create a game plan for discovery of all the on-market spaces via real estate databases with your tenant representative. Reach out with a direct contact program in your target market area or target buildings through landlords, property managers, other tenants and leasing agents to identify off-market spaces. Set up a social marketing communication process using LinkedIn, Craigslist, Twitter, Facebook and an email process to spread the word about your space requirement.How much space do I need?The rule of thumb has been decreasing from 200 to 250 sf/person to as low as 100 to 150 sf/person. Another way to ask the question is, how do you lease the right amount of space? These are just a few things you can do to find the best combination of value and size fit for your startup or newer business:Make headcount projections for the expected term of the lease. Then, lease space so that around 2/3 or 3/4 of the way through the term you start reaching the occupancy limit.Look for spaces that are more efficient, like rectangular spaces versus angled corners of a building. No two spaces with the same square footage are the same. Floor plan and layout matter.Seek termination rights and expansion rights on contiguous space. You are planning to grow but moving is disruptive. Growing into adjacent space is far less disruptive to your business.How do I narrow the search for office space?You’ll need to tour each of the viable alternatives, which can be time-consuming and non-productive if the space doesn’t meet your business and real estate objectives. There are several key variables/criteria that can impact the quantity and quality of your space alternatives and help refine your search to a manageable list of alternatives.Term. There is a direct correlation between the lease term you are willing to commit to and the quantity and quality of options you will have. The longer your lease term, the more choices you will have. Yet, the last thing any startup wants is to sign a 5-year lease only to realize in 12 months that the space doesn’t actually meet your needs. Landlords typically ask for five to seven year lease terms but if you can’t make that commitment some landlords have more flexible (but unpublished) lease terms and may accept a shorter than 5/7-year term on a direct lease. A good tenant representative will have relationships and direct communication with the landlords, property managers, and leasing agents to identify the buildings and spaces that may have more flexible lease terms. Be steadfast in your need to lease only for the length of term that suits you.Price. Rather than focusing on rent per square foot, determine up front what your budget is for rent and office related costs including but not limited to parking, utilities, janitorial, relocation, tenant improvements (if responsible), insurance, furniture and other office fees. Focusing only on the alternatives that don’t exceed your budget will help refine your search to a manageable list of alternatives. A building with a higher asking price per square foot does not necessarily guarantee it is a higher quality office space. Be firm in your requirement to stay within a budget that suits you.Layout. No two spaces with the same square footage are the same. For example, a 5,000 square foot rectangular space is much more efficient and will support more people than layouts with round or angled corners. And, no two companies have the same requirements for a space plan. Do you require open space for collaboration or enclosed offices for privacy? Make sure the alternatives you select have layouts that support your business requirements.Office layouts are dramatically different now than even 10 years ago. The open design has replaced a cube farm which years ago replaced enclosed large office designs. This willingness to make change has also encouraged boldness amongst companies to change their layout and space design, and many old space-consuming parts of an office are now considered out of style. For instance, it wasn’t long ago that every office had a receptionist and a dedicated reception area at the entrance. Very large lobbies or waiting areas were also standard. Most companies have re-engineered that space and made the overall office layout much more efficient and right-sized. Gone also is the oversized conference room. It wasn’t long ago that if a space had 12 employees it very likely could have a 12-person conference room. All these variables impact the efficiency of the office layout and your cost of office space.Amenities. A kitchen, break room, shared conference room, food options, transportation, parking ratios, security, high speed internet, quality of bathrooms or even the number of electrical outlets can be differentiators between two similar space alternatives. Maybe these are not all deal breakers for you but if you identify those that are up front, you’ll more quickly be able to refine your search to a manageable list of alternatives.What is the parking situation?Because some buildings have free parking and some have paid parking, really studying the cost, access and the actual spaces your employees and customers will park in is key. If you ask a landlord about parking and you’ll usually get a ratio, and a comment that there’s plenty of parking. Before you sign a lease you need to walk the parking lot, identify your parking spaces and count them. Stay away from buildings where parking is difficult or costly for your employees and customers.How do I determine the right location for my office?Make sure your key employees buy in up front on the geographic boundaries for your search. Relocating is disruptive to everyone and most employees will want to know whether or not the office is convenient for them to get to. If you see clients in your office, consider whether or not the location boundaries are convenient for them as well.

This is my first answer on Quora. It is going to be a long post and an informative one, kindly bear with me. I am sharing it here now so that it might help the future aspirants.This is my 3rd RBI Grade B- DR interview. I have taken the interview consecutively from 2017 onwards. I've taken other regulatory/supervisory bodies interview. Well, that's the story for some other day. The mains result came in the month in December 2019 and my interview was scheduled in mid-March (last day for generalist interviews). So I had ample time to prepare for my interview. Out of the 4 months, the first 2 went with the training and adjustments on my new job (NABARD), another one procrastinating, and started the focused preparation only in the last month after mid-February.A brief background about myself:Name: Shubham GoelProfile: B-Tech, CS (2015)Previous attempts: RBI Grade B 2016 appeared for mains2017, 18 missed the final merit list.Work Experience:SBI PO 2015 batch. (2015-2019)NABARD Grade A 2019 Batch. (2019- to date)Venue: New DelhiDate: 14/03/2020Duration: 24 minutesWe were allowed entry to the RBI building at 8:45 AM. The beautiful building of RBI that is meant to be admired. The Yaksha and Yakshini erected at the entrance hall possess a quality of ingenuity, prosperity, connection to place, and, above all, imagination. Soon after I entered the building I was told that I am the first candidate to be interviewed that day.When I was done with my document verification I decided to read the newspaper only to realize that nothing was going inside my head. I was called by the coordinator for the interview and asked to sit outside the interview room. Of all the RBI interviews I’ve taken, one thing remained common, my heart thumping at 130 bpm.The bell rang and I went inside the interview hall.Setup: Chairman (C); M1, M2, M3, M4, and L1 were the other 5 members sitting 2 on my left side and 3 on my right side; L1 was the only Lady member. Chairman was seated opposite me.I greeted everyone and then the interview started.Chairman (C): Where are you working currently?Me: Sir, I am working in NABARD.Chairman (C): Any work experience before joining NABARD?Me: State bank of India for 3.5 years.Chairman (C): Asked about if there is any gap? About college? About my graduation discipline?Me: ToldChairman (C): Mam (L1) will take over from here I'll intervene whenever requiredL1-You've worked in the SBI Industrial finance branch what ratios and aspects you look into while giving the loan?Me: Told about liquidity, solvency, profitability ratios. Interest coverage ratio. I told past credit History records and bank accounts to gauge any discrepancy.L1- You are missing one of the important ones?Me: I told some other ratios, she interrupted.L1- Do you remember DSCR?Me: I gave the full form of it and told it is important.L1- Why NPA has increased to such level?Me: I tried to tell from the starting 2000-2008 (I was well versed with this as it was asked in one of my previous interviews and it was very nicely mentioned in Economic Survey 2017-18).L1- Interrupted me in between and asked me to tell, referring to the current scenario?Me: I told about the slowdown, various sectors impacted (aviation, telecom, auto), twin balance sheet problem, over-leveraged business, clearance issues, red-tapism. No cross-question further.M1- Why did you leave SBI and joined NABARD?Me- (I knew this will be asked to me so I prepared it beforehand but didn’t expect so many counter-question) Told SBI is basically into the implementation of policies. Policy formulation related to agriculture and rural development is done by NABARD. It has a unique type of bank with a niche market. Impacted the lives of many people (Told about one of the successful projects by NABARD in my home district and how it has increased the livelihood opportunities for the people). Inclination towards it as I belong to the farming background. I was mentioning growth in NABARD is good suddenly Chairman Sir in denial mode barged in and said growth in SBI is immense will be able to touch lives if many people.Chairman (C)- Okay, then why NABARD to RBI then with a witty smile on his face?Me-The mandate of NABARD is agriculture and rural development which is very limited but mandatory of RBI is very wide covers the whole economy.M1- mockingly said now where did your inclination towards agriculture and rural development go? Tell us something else?Me-I told it is a career progression for me Grade A to B ( Note- Grade A denotes Assistant Manager and Grade B is Manager Post). He acknowledged and said yes career progression is important.M1- Have you read the IWG ( Internal working group) committee report on agriculture credit by MK Jain?Me- Yes. ( I’ve read this report thoroughly and prepared notes on this report. The EverNote link is attached which I made before the interview)https://www.evernote.com/l/ATNdjNm6GUZFr7qym2K-chILTytjUiGMIks/M1-Tell about the report?Me-Told from the starting.M1-Asked about recommendations?Me-Told 7-8 to perfection.M1-Have they recommended any change in PSL ( Priority sector lending) targets?Me-Yes. SMF(Small and marginal farmers) from 8% to 10%.M1-Something else about PSL?Me- FPOs( Farmer producer organization) with 75% SMF and credit up to 50 lakhs must be counted under PSL. (He looked satisfied).M1- You are missing one of the critical recommendations?Me: I thought for a while finally said sorry sir can’t recall.M1- Does the report mention anything about land reforms?Me: Told about model land leasing act and an act currently in Andhra Pradesh(land license cultivators act). Tenant farmers unable to avail credit. These might help. (He looked satisfied).M1- Has RRBs lost their existence? (This was asked as I mentioned RRB, in one of the points when we were discussing the IWG report)Me-Told financial inclusion was their main purpose. (Many counter questions, in the end, I felt they cornered me as I was indecisive about the relevance of RRBs)M1-Issues faced by RRB?Me- Technology, competition from SFBs, and commercial banks.M1-biggest liability for RRB?Me- told NPA. (Though I knew that NPA name itself suggest it as an asset but nothing else was coming to my mind)M1- Tell us something else?Me-I can't recall.Ans was Pension I acknowledged.M2-Difference between banks and NBFC?Me-Told (The same question was asked in my 2017 interview)M2- Follow up questions were, Who provide Deposit insurance? Also, mention the amount?Me-Told ( As the changes were made in the 2020 budget after the PMC crisis)One tough question then.M2-Why export invoicing is not done in rupees? (As I was in Forex department in my previous job)Me-Told rupee is not acceptable globally.M2-Asked why?Me-I told about 5 reserve currencies (USD, Pound, Euro, yen, yuan) India's export share to global export is less than 2%.India is a developing country Low GDP.No cross-questions then. (Don't know he was satisfied or not couldn’t gauge from his reactions)M2- Asked about NDS?Me- Sorry sir I couldn't recall.M3- Can blockchain help the tenant farmers.?Me-I told projects have been implemented in the state of AP and Telangana. Land records and land consolidation could be done. (He looked extremely satisfied).M3-Again a question on RRB. Why RRB's were formed? (As I mentioned in the timeline mentioned as per MK Jain report)Me-I told for financial inclusion. Less than 1% of farmers were under formal banking during the 1970s. To provide credit to weaker sections, Agri and MSME.M3- Asked what more?Me-I told somewhat but he was not satisfied.He told the employment factor. Local sourcing of people and salaries we give to the locals are less. So a bank branch working at a very low cost. ( I would not be able to guess this in eternity)M4-Risks with banking?Me-Told LIMCO. ( Liquidity, Market, Credit, operational risks)M4-Difference between country risk and sovereign risk.?Me-ToldM4-Asked if you've worked in the retail sector?Me-yes.M4-How do you finance a home loan?Me-ToldM4-Risks associated with home loan.?Me- Again told credit risk. He then asked me to tell something else, something specific.Me- If we go at the macro level. Liquidity risk. (Short term borrowing to long term finance)M4-Not satisfied. He said you're missing a very important thing?Me- I said sir can I get a hint.M4- Smiled.Me- Asked me to go.As I was getting up. Chairman sir stopped me.Chairman(C)- We've gauged your knowledge on various aspects. Now I would like to have your opinion on public finance. Should we be rigid on FRBM targets?Me-Told many sectors are under stress. Public spending is required. We should forgo FRBM targets because it's not a normal situation. Already escape Clause has been executed. 3.3 to 3.8% in the budget of 2020. ( At that time Covid-19 was spread in China and various European countries but till then India was largely unaffected with less than 100 positive cases. Things started escalating afterward)More money in the hands of peopleConsumption lead to- investment - employment - GDP growth. (Mentioned about the virtuous cycle from Economic survey 2019-20)Chairman(C)- In disagreement, I am very conservative, I don't think it should happen. What will happen if we forgo the FRBM targets?Me- the confidence and trust of countries towards India might take a hit.I don't know if he was satisfied or not. Said okay you may go.I thanked everyone and came out of the room.Key Takeaways:1.There are 5 areas from which the questions will come:a) Profileb) Current affairs/issues.c) Reserve bank of India functions and workingd) Graduation ( Will be asked mostly to people with no work experience)e) Basic Economics and finance issues ( Could be tricky as the aspirants were asked about the financial crisis like 2008 GFC, Euro-zone crisis, Asian financial crisis)2.The majority of the questions will be profile based prepare your profile i.e Graduation, work-ex, certifications, and any other thing you've mentioned, thoroughly. We keep on reading bulky notes and give less attention to our profile. Not answering something related to your profile can leave a bad impression.The bio-data must be used as a bible in interview preparation carefully thinking about every possible angle from where the questions can be asked.3.There is a common saying for the interviews:"Interviews are just to gauge your personality and not your knowledge as they have gauged your knowledge in the previous 2 phases”. I would like to differ a bit as this statement makes us complacent. We can’t just flaunt our personality without adequate knowledge. The personality will be truly reflected if substantiated by knowledge and lots of practice.4.Be very particular about the time and wishing them good morning/afternoon. They do judge you based on that.5.Always try to make your opinion on the recent happenings. Back them up with facts and figures.I was satisfied with my performance as I consider it to be better than what I did in my last 2 RBI Grade B interviews. I hope the panel feels the same as I do. To be frank, interviews are highly subjective and one should not expect much because, in the end, 2/3rd of the aspirants will go empty-handed. Having said that, one should always be hopeful of the positive end result.The results will be delayed because of the pandemic. I hope this year, ends my 3-year drought. I will update you with the final verdict.Edit : The drought is gone. The mighty drought could not decimate the roots hidden under the soil. Finally with God's grace I cleared RBI Grade B 2019. Dream come true.